§ Sir OWEN PHILIPPSasked the President of the Board of Trade whether his attention has been drawn to the fact that foreign banks which have branches in the United States of America, although they are permitted to lend money in America, are not allowed by the laws of the United States to take money on deposit; and whether, in the case of foreign banks opening branches in London, he will favourably consider placing upon them corresponding limitations?
§ Sir A. GEDDESI understand that restrictions such as my hon. Friend mentions are in force in certain of the States. The question of legislation with regard to banking in this country is under consideration, but I am doubtful if a proposal to prohibit foreign banks from taking deposits would be generally approved.